Neighborhood Stabilization Program
The Neighborhood Stabilization Program is a federal program administered nationally by the Department of Housing and Urban Development and locally by the Virginia Department of Housing and Community Development. Since 2010, HFHVA has used this program to acquire vacant and foreclosed homes (either donated or purchased with NSP funds), rehabilitate them, and sell them to lo-income families working with local HFH affiliates across the state. This ensures that houses that were previously owner-occupied do not turn into rentals, therefore stabilizing neighborhoods.
Habitat Virginia and thirteen participating affiliates have purchased more than 70 properties and has already sold over 40 of these to low-income families through NSP. These low-income families typically earn less than 50% of area median income.
HFHVA was awarded over $3.8 million of funding from the first round of NSP.
HFHVA was awarded over $2.5 million of additional funding from the third found of NSP. This represents more than half of the state's total allocation and is a testament to our successful track record of rehabilitating foreclosed properties.
As each home is resold, "program income" is produced and used to fund new Habitat NSP houses.
National Community Stabilization Trust
NCST is a nonprofit organization working with financial institutions and local housing providers across the U.S. to reclaim neighborhoods hit hard by foreclosure and abandonment. NCST supports neighborhood stabilization by transferring foreclosed properties to local housing providers, who then renovate the homes to create affordable ownership and rental housing for working familes. Since 2011, HFHVA has partnered with local Habitat affiliates and other non-profit housing providers around the state to help facilitate the acquisition of 34 first look and donated properties through NCST.
Bank of America/Habitat for Humanity International Donated Properties Program
In 2013, HFHVA began receiving donations of foreclosed houses from Bank of America. Many of these properties are blighted, so rehabilitating them and turning them into owner-occupied units is positively affecting their neighborhoods.